A lot of speeches have been given of late about tax cuts, tax breaks, deductions, etc. So, who gets the biggest tax breaks? According to New York Tax Attorney at Thorgood Law Firm, the Top Ten tax breaks are:
- $181 billion – Employer contributions towards workers’ medical insurance premiums and medical care
- $165 billion – Various retirement plan contributions and earning not taxed
- $101 billion – Mortgage Interest deduction
- $84 billion – Lower tax rates on long-term capital gains and qualified dividends
- $69 billion – Deduction for state and local taxes
- $46 billion – Deduction for charitable contributions
- $45 billion – Untaxed social security and veterans’ benefits
- $26 billion – Untaxed interest on tax-exempt state and local government bonds
- $24 billion – Untaxed capital gains on investments on a deceased person
- $23 billion – Untaxed income from certain life insurance products
